Weight Watchers International has revealed the final results of its “modified Dutch Auction” tender offer. The company has accepted for purchase an aggregate of 8,548,027 shares of its common stock at a purchase price of $54 per share. The shares represent approximately 8.8% of Weight Watchers outstanding stock as of 30 November 2006.
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Additionally, on 2 February Weight Watchers said it expects to purchase 10,511,432 shares from Artal Holdings, its majority shareholder, for $54 each.
As a result of the tender offer and the purchase from Artal, the company will repurchase approximately 19.6% of its common stock.
In order to finance the purchase, Weight Watchers amended its senior credit facility to increase its borrowing capacity up to an additional $1.2bn to finance the purchases.
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